(A) Prior to entering upon the duties of the office of Clerk of the village, the Clerk shall execute a bond with security to be approved by the Corporate Authorities made payable to the village in the amount of $20,000. The bond shall be conditioned upon the faithful performance of the duties of the office of Clerk and the payment of all money received by the Clerk according to the laws of the state and the ordinances of the village. The obligation of the sureties shall not extend to any loss sustained by the insolvency, failure or closing of any bank organized and existing either under the laws of the state or the United States wherein the Clerk has placed funds in his custody, provided the bank has been approved by the Corporate Authorities as a depositary for said funds. The village shall pay all premiums of said bond. The bond shall be filed with the Village Treasurer.
(B) Prior to the entering upon the duties of the office of Deputy Clerk, the Deputy Clerk shall execute a bond with security to be approved by the Corporate Authorities made payable to the village in the amount of $20,000. The bond shall be conditioned upon the faithful performance of the duties of the office and the payment of all money received by the Deputy Clerk according to the laws of the state and the ordinances of the village. The obligation of the sureties shall not extend to any loss sustained by the insolvency, failure or closing of any bank organized and existing either under the laws of the state or the United States wherein the Deputy Clerk has placed funds in his custody, provided the bank has been approved by the Corporate Authorities as a depositary for said funds. The village shall pay all premiums of each bond. Each bond shall be filed with the Village Clerk.
(Ord. 217, passed 5-21-79)